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Unit-Based Compensation

3 Months Ended

Mar. 31, 2021

Unit-Based Compensation The Partnership's unit-based awards granted in 2021 and 2020 were valued using the closing price of NRP's units as of the grant date. The grant date fair value of these awards granted during the three months ended March 31, 2021 and 2020 were $3.8 million and $3.5 million, respectively. Total unit-based compensation expense associated with these awards was $1.1 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. The unamortized cost associated with unvested outstanding awards as of March 31, 2021 is $6.6 million, which is to be recognized over a weighted average period of 2.0 years. The unamortized cost associated with unvested outstanding awards as of December 31, 2020 was $3.7 million.

A summary of the unit activity in the outstanding grants during 2021 is as follows:


(In thousands)	Common Units	Weighted Average Exercise Price
Outstanding at January 1, 2021	355	$	26.20
Granted	219	$	17.31
Fully vested and issued	(129)	$	21.38

Outstanding at March 31, 2021	445	$	23.23